Look, the major implications of a government shutdown are incredibly small. Besides the obvious "D.C. trash won't get collected and the precious blossom tree festival won't happen" complaints, many are pointing out that hotels and gift shops will suffer. Excuse me while I puke up my bleeding heart. Just like building a hotel near a body of water where a natural disaster such a tsunami or flood could happen, businessmen run a risk wherever they geographically set up shop. Hotels, motels, etc., took the risk of relying on D.C. to function when they set up shop. That risk is starting to show do to Dems and Republicans fighting over about 1% of the budge. Let it be a lesson to anyone who wants to start a business or live in D.C.
Update: Almost $41!
lie of the day from Dallas Fed President Dick Fisher:
Our duty is most distinctly not to monetize - or even be perceived as monetizing - the debt of fiscally imprudent government. Throughout the history of nations, monetizing the budgetary excesses of governments has proven to be a direct path to economic perdition. Having already peeked inside that door, I feel strongly that we must now shut it, lock it and throw away the key."Zerohedge nails it like always:
Well, thanks Dick. You are only $2.6 trillion dollars late.Oh, and here is the government shut down affect on the dollar: